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Competition and Culture in an Evolutionary Process of Equilibrium Selection: A Simple Example

Authors

Fernando Vega-Redondo

Publisher

Elsevier

Publication Date

Jan 01, 1993

Keywords

Hb Economic Theory

Abstract

Competition tends to promote efficient (equilibrium) behavior through the higher survival of the organizations (say firms) that adopt it. On the other hand, culture (understood as the "inherited" social pattern of behavior) may induce certain short-run inertias. This paper analyzes a dynamic model of the struggle between these two forces in the evolution of alternative stable configurations of social behavior.

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